Eni to sell 30 percent stake in Egyptian gas field to Rosneft

13 Dec 2016   Egypt

Italian energy company Eni has agreed to sell a 30 percent stake in a giant Egyptian offshore gas field to Russia’s Rosneft for $1.575 billion, pressing ahead with asset sales to fund investment amid weak oil prices. Eni, which currently owns 90 percent of the Shorouk concession containing the giant Zohr gas field, said Rosneft would pay $1.125 billion cash for the stake and would reimburse investments already carried out by Eni for around $450 million. Rosneft also has an option to buy a further 5 percent stake. Selling down stakes in oil and gas fields it operates is part of Eni’s so-called “dual exploration” strategy to raise cash […]

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